EXHIBIT 10.5


<PAGE>

                                 PEL 112 FARMIN
                              COMMITMENT AGREEMENT

      This Farmin Commitment Agreement ("Agreement") is entered into this 7th
day of March, 2008 between Holloman Energy Corporation, a Nevada Corporation
("HEC"), Holloman Petroleum Pty Ltd, ACN 126 728 498 ("HPPL") and Holloman Oil
and Gas Limited ACN 120 314 007 ("HOG").

      WHEREAS, HEC is the parent corporation of HPPL; and

      WHEREAS, HEC, through HPPL, is the owner of a 66.667% working interest in
PEL 112, located within the Cooper/Eromanga Basin in South Australia; and

      WHEREAS, HOG desires to enter into a Farmin Agreement ("Farmin") with HEC
with regard to PEL 112 and HEC desires to commit to grant a Farmin to HOG on the
terms and conditions set forth below:

      NOW THEREFORE, in order to document the commitment and obligations of the
parties to enter into the Farmin and for good and valuable consideration the
receipt of which is hereby acknowledged, the parties agree as follows:

     1.   Working Interest Conveyance. HEC, covenants and agrees that, subject
          to the conditions set forth in Section 3 below, it will convey to HOG
          all of its 66.667% Working Interest in PEL 112.

      2. Conditions.

            (a)   The assignment of the working interest in PEL 112 as set forth
                  in Section 1 above is expressly conditioned upon the
                  negotiation and execution of the Farmin between HOG and HEC
                  containing the following terms and conditions:

                  (i)    HOG shall fund 100% of the costs required to drill and,
                         if commercial quantities of hydrocarbons are found, to
                         complete three (3) exploratory wells on PEL 112 within
                         the parameter of the guaranteed work program in place
                         for PEL 112.

                  (ii)   HOG shall pay to HEC a two percent (2%) overriding
                         royalty on gross well revenues on the 66.667% working
                         interest transferred to HOG.

                  (iii)  HOG shall grant to HEC the unrestricted right to
                         participate in any future wells drilled on PEL 112
                         (over and above the HOG initial three (3) exploratory
                         well commitment set forth in (i) above) up to a maximum
                         of fifty percent (50%) of the working interest
                         transferred to HOG (i.e. 33.3335%).

                                        1
<PAGE>

                  (iv)   HOG  shall  grant to HEC the  right to  participate  in
                         HOG's three (3) initial  exploratory  wells on PEL 112,
                         as set forth in (i)  above,  up to a  maximum  of fifty
                         percent (50%) of the working  interest  transferred  to
                         HOG (i.e. 33.3335%);  provided,  however, that HEC must
                         provide  the funding  for this  participation  prior to
                         such  time as the  well  being  drilled  reaches  fifty
                         percent  (50%)  of  the  expected  depth;  but  further
                         provided  that if drilling has exceeded  fifty  percent
                         (50%) of the expected depth HEC may still  participate,
                         with the written consent of HOG.

            (b)   HEC shall have received title to PEL 112 and the transfer of
                  such title shall have been duly approved by all appropriate
                  governmental action in Australia.

            (c)   The transactions contemplated herein shall have been completed
                  on or before January 1, 2009, unless agreed to in writing by
                  the parties.

      3. Modifications and Amendments. No change in the provisions of this
      commitment shall be binding unless in writing and executed in the name of
      and by an officer of HOG and HEC.

      4. Miscellaneous Provisions.

            (a)  Texas Law to Apply. This Agreement, and all documents executed
                 pursuant to it, shall be construed in accordance with the laws
                 of the State of Texas, and all obligations of the parties are
                 performable in Harris County, Texas.

            (b)  Parties Bound. This Agreement shall be binding on and inure to
                 the benefit of the parties to it and their respective legal
                 representatives, successors, and assigns, except as otherwise
                 expressly provided in this commitment.

            (c)  Legal Construction. In case any one or more of the provisions
                 contained in this Agreement shall, for any reason, be held to
                 be invalid, illegal, or unenforceable in any respect, such
                 invalidity, illegality, or unenforceability shall not affect
                 any other provision, and this Agreement shall be construed as
                 if such invalid, illegal, or unenforceable provision had never
                 been a part of it.

            (d)  Prior Agreements Superseded. This Agreement constitutes the
                 sole and only agreement of the parties to it and supersedes any
                 prior understandings or written or oral agreements between the
                 parties respecting this subject matter.

            (e)  Attorney's Fees. If any action at law or in equity, including
                 an action for declaratory relief, is brought to enforce or
                 interpret the provisions of this Agreement, the prevailing
                 party shall be entitled to recover reasonable attorney's fees
                 from the other party.

                                        2
<PAGE>

            (f)  Notice. Unless otherwise provided by this Agreement, any
                 notice, tender, or delivery to be given under it by either
                 party to the other may be effected by personal delivery in
                 writing or by registered or certified mail, postage prepaid,
                 return receipt requested, and shall be deemed received as of
                 the date of actual receipt.

      5. Voidability of Commitment. This commitment shall be voidable at the
      option of HEC if any of the following events occur:

            (a)  A proceeding is commenced by or against HOG under any
                 bankruptcy or insolvency law.

            (b)  HOG's business is discontinued or suspended for any reason.

            (c)  There is any material adverse change in HOG's business or
                 financial condition.

            (d)  The transaction contemplated herein is not consummated on or
                 before January 1, 2009.

      Executed and entered into the day and date set forth above.

                                          Holloman Energy Corporation

                                          By:   /s/ Grant Petersen
                                                -----------------------
                                          Name: Grant Petersen
                                          Title:      President

                                          Holloman Petroleum Pty Ltd

                                          By:   /s/ Mark Stevenson
                                                -----------------------
                                          Name: Mark Steveson
                                          Title:      President

                                          Holloman Oil and Gas Limited

                                          By:   /s/ Mark Stevenson
                                                -----------------------
                                          Name: Mark Steveson
                                          Title:      President



                                        3
<PAGE>